Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for the construction of four (4) two (2) family homes for a total of eight (8) units known as the Homes@ Parkwest located in the Neighborhood Development Program area.
Entity Name: Rising Plains, LLC
Entity Address: 1515 Morris Place, Hillside, New Jersey 07205-1626
Grant Amount: $285,749.00
Funding Source: Community and Redevelopment Dedicated Trust Account/Business Unit: NW026; Dept: BS; Div/Proj.:N/A; Activity: N/A; Account: #32100; Budget Ref.: B2019
Total Project Cost: $1,564,540.00
City Contribution: $0.00
Other Funding Source/Amount: L&S Equities - $1,000,000.00/Other -$278,791.00
Grant Period: Commencing upon full execution of the Grant Agreement and expires within twenty-four (24) months of commencement of construction
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X ) Grant ( ) Sub-recipient ( ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
414 South 16th Street/Block 319/Lot 18/West Ward
414 South 16th Street (Rear)/Block 319/Lot 52/West Ward
465 South 16th Street/Block 327/Lot 35/West Ward
467 South 16th Street/Block 327/Lot 36/West Ward
470 South 16th Street/Block 328/Lot 40/West Ward
478 South 16th Street/Block 328/Lot 36/West Ward
Additional Information:
body
WHEREAS, the Municipal Council of the City of Newark (the "Municipal Council") previously adopted Resolution 7Rdo(AS) on June 15, 2005, designating the entire City as an "area in need of rehabilitation" under the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1, et seq. ("LRHL"); and
WHEREAS, the Municipal Council thereafter adopted Ordinance 6S&Fc(S) on August 17, 2005, adopting the Second Amendme...
Click here for full text